Gold News

Gold Prices Gain, Stocks Fall, No Stimulus Announcement from Fed

Chris Mullen at GoldSeek wraps up Thursday's action...

Gold Prices climbed to as high as $1865.00 by about 9:25am EST on Thursday before paring gains a bit in late morning trade, but they still ended with a gain of 2.19%.  Silver soared to as high as $42.632 and ended with a gain of 2.07%.

Euro Gold Prices rose to about €1331 per ounce.

Silver and Gold Mining stocks rose about 1.5% at the open and remained near that level for the rest of the day.  The HUI and GDM made new record closing highs.

Platinum gained $26 to $1843.75, and copper rose slightly to about $4.13.

Oil fell and the US Dollar strengthened, while the Euro fell after the European Central Bank signaled a pause in its interest-rate tightening cycle that began just five months ago.

US Treasuries rose as the Dow, Nasdaq, and S&P fell after Bernanke failed to announce any new stimulus in his speech in Minneapolis today.

Among the big names making news in the market Thursday were Yahoo, Google, Twitter, and FedEx.

Friday at 10am EST brings Wholesale Inventories for July expected at 0.7%.

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Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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